证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 06 日 [Table_Title] 25Q1 收入稳健增长，关注渠道扩张 [Table_Title2] 劲仔食品(003000) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 003000 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.45/10.14 | | 目标价格： | | 总市值(亿) | 57.85 | | 最新收盘价： | 12.83 | 自由流通市值(亿) | 39.02 | | | | 自由流通股数(百万) | 304.14 | [Table_Summary] 事件概述 成本端来看，公司 25Q1 毛利率为 29.91%，同比-0.11pct，基本维持稳定。费用端来看，公司 25Q1 销 售/管理/研发/财务费用率分别为 13.36%/4.05%/1.98%/-0.37%，分别同比+0.23/+0.16/+0.15/+1.12pct， 其中销售费用率同比微增，我们预计主因年内费用投放节奏影响，春节加大投放所致， ...

Core Viewpoint - The company reported a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders decreased by 8.2% to 70 million yuan, indicating pressure on profitability despite revenue growth [1][2]. Product Dimension - The company focuses on core product categories such as fish, eggs, and beans, aiming to create healthier snack foods and continuously upgrading product quality [1]. - The brand recognition of the company's small fish products is strong, with current promotions for deep-sea anchovies expected to enhance brand strength [1]. - In the quail egg sector, the company leads the industry with its soft-boiled quail eggs, driving structural upgrades in the market [1]. - The company differentiates its bean products through short-shelf-life bean curd, establishing a competitive edge [1]. Channel Dimension - The company has significantly enhanced its sales system, upgrading traditional channels and focusing on high-quality store selections, display enhancements, and promotional investments [1]. - The company has expanded its collaboration with over 100 snack systems, covering more than 35,000 terminals, and is exporting to over 40 overseas markets [1]. Financial Performance - The net profit margin decreased by 2.3 percentage points to 11.3% due to cost pressures and reduced foreign exchange gains [2]. - The gross profit margin slightly decreased by 0.1 percentage points to 29.9%, while the sales expense ratio increased by 0.2 percentage points to 13.4% [2]. - The company is actively developing anchovy resources globally to strengthen its supply chain and ensure core raw material supply [2]. Growth Forecast - The company is expected to achieve revenue growth of 17.7%, 14.7%, and 13.3% from 2025 to 2027, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [2]. - The net profit attributable to shareholders is projected to grow by 14.1%, 16.4%, and 13.7% during the same period, reaching 330 million, 390 million, and 440 million yuan respectively [2]. - The company maintains a "buy" rating based on its product expansion and channel growth potential [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, despite a 12-day shift in the Spring Festival [1]. - The decline in net profit by 8.2% year-on-year is attributed to cost pressures and reduced foreign exchange gains, leading to a net profit margin decrease of 2.3 percentage points to 11.3% [2]. - The company is focusing on enhancing its core product categories and expanding its market channels, which is expected to support continued strong performance [2]. Financial Performance - Revenue projections for 2025-2027 are expected to grow by 17.7%, 14.7%, and 13.3%, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [3]. - The net profit for the same period is projected to increase by 14.1%, 16.4%, and 13.7%, reaching 330 million, 390 million, and 440 million yuan respectively [3]. - The company’s gross margin is forecasted to be 29.9% in Q1 2025, with a slight year-on-year decrease of 0.1 percentage points [2]. Product and Channel Strategy - The company is focusing on health-oriented snack foods in the fish, egg, and bean categories, with a strong emphasis on product quality upgrades [1]. - The company has expanded its sales system significantly, enhancing traditional channel operations and entering over 40 overseas markets [1][2]. - The company is actively promoting deep-sea anchovies and leading the quail egg industry with its soft-boiled quail eggs, aiming to strengthen brand recognition [1].

Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite revenue increases [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 595 million yuan, a year-on-year increase of 10.26% [1]. - The net profit attributable to shareholders was 68 million yuan, down 8.21% year-on-year, while the net profit excluding non-recurring items was 53 million yuan, a decrease of 8.61% [1]. - The gross margin for Q1 2025 was 29.91%, a decline of 0.11 percentage points year-on-year, primarily due to rising costs of raw materials [2]. - The company’s expense ratio increased to 19.01%, up 1.68 percentage points year-on-year, with sales expenses at 13.36%, management expenses at 4.05%, R&D expenses at 1.98%, and financial expenses at -0.37% [2]. - The net profit margin for Q1 2025 was 11.34%, down 2.28 percentage points year-on-year, while the net profit margin excluding non-recurring items was 8.96%, a decrease of 1.85 percentage points [2]. Growth Drivers - The company is focusing on channel expansion through fast-growing avenues such as snack wholesale, membership stores, and e-commerce, with product innovation expected to drive growth [2]. - Key products like quail eggs, soft-boiled quail eggs, and short-shelf-life tofu are being pushed for wider distribution, which is anticipated to contribute to revenue growth [2]. Future Projections - Revenue forecasts for 2025-2027 are 2.896 billion, 3.436 billion, and 4.083 billion yuan, representing year-on-year growth rates of 20.08%, 18.63%, and 18.85% respectively [3]. - Expected net profits for the same period are 316 million, 372 million, and 443 million yuan, with growth rates of 8.53%, 17.61%, and 19.11% respectively [3]. - The projected price-to-earnings ratios for 2025-2027 are 18.4, 15.6, and 13.1 times [3].